Business
Big unlisted companies may come under tighter regulatory norms
New Delhi, Sep 25
The Company Law Committee is likely to take up a proposal to introduce tighter regulatory norms for big unlisted companies.
According to sources, among the steps that are being considered is the mandatory submission of quarterly financial statements by unlisted companies including major startups in order to keep a closer scrutiny on their financial position and check malpractices.
The Company Law Committee has been set up by the Ministry of Corporate Affairs to help look at such issues.
Inter-ministerial discussions on amending the Companies Act are reported to have also taken place to bring in tighter rules for unlisted large firms.
The development is reported to have taken place in the backdrop of corporate governance issues that arose at ed-tech giant Byju’s. The auditors and three board members of the company had resigned recently over differences with founder Byju Raveendran on key operational issues.
Deloitte said it had decided to resign as the auditor for Byju’s as the company did not allow it to commence audit, which was already delayed, and this was a violation of company norms.
The auditor had quit at a time when Byju’s had plunged into a debt crisis and was unable to repay its loans as a major controversy broke out with its lenders. The company had then moved court against the lenders and was later able to reach an agreement over the repayment schedule of its dues.
2 minutes ago
Periya double murder case: CPM fundraising again; members asked to contribute ₹500 each.
10 hours ago
"Tiger creates panic by going into hiding; Search conducted using a thermal drone
10 hours ago
Five coaches of a passenger train derailed; Major disaster averted
12 hours ago
Young man tragically dies during Jallikattu in Tamil Nadu; Around 20 injured
16 hours ago
Controversy erupts over private firefighters' hiring amidst raging Los Angeles wildfires
16 hours ago
Trump's impact on Indian Rupee likely to be short-lived: SBI Report
16 hours ago
'We did both': US President Biden reflects on defending Ukraine, preventing nuclear conflict
16 hours ago
'US-India relationship will continue to grow', says EAM Jaishankar
17 hours ago
US Senator Tom Cotton calls for repeal of China's permanent normal trade relations status
17 hours ago
'Hearts ache': US President Biden as California wildfires claim 24 lives
17 hours ago
Misuse of official vehicle; case filed against Chief Minister Atishi for violation of conduct rules.
18 hours ago
Are you someone who finds entertainment in Candy Crush and Tinder? If so, your phone could be hacked.
20 hours ago
Akshay Kumar, Paresh Rawal fly kites in clear sky on Makar Sankranti